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Changes over time for: Section 106
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No versions valid at: 13/04/2003
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Point in time view as at 13/04/2003. This version of this provision is not valid for this point in time.
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Changes to legislation:
Finance Act 2003, Section 106 is up to date with all changes known to be in force on or before 28 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Changes to Legislation
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Valid from 10/07/2003
106Persons acting in a representative capacity etcU.K.
(1)The person having the direction, management or control of the property of an incapacitated person—
(a)is responsible for discharging any obligations under this Part, in relation to a transaction affecting that property, to which the incapacitated person would be subject if he were not incapacitated, and
(b)may retain out of money coming into his hands on behalf of the incapacitated person sums sufficient to meet any payment he is liable to make under this Part, and, so far as he is not so reimbursed, is entitled to be indemnified in respect of any such payment.
(2)The parent or guardian of a minor is responsible for discharging any obligations of the minor under this Part that are not discharged by the minor himself.
(3)The personal representatives of a person who is the purchaser under a land transaction—
(a)are responsible for discharging the obligations of the purchaser under this Part in relation to the transaction, and
(b)may deduct any payment made by them under this Part out of the assets and effects of the deceased person.
(4)A receiver appointed by a court in the United Kingdom having the direction and control of any property is responsible for discharging any obligations under this Part in relation to a transaction affecting that property as if the property were not under the direction and control of the court.
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